Moody's affirms Daiichi, Sankyo

Moody's Investors Service said it affirmed the individual A1 issuer ratings of Daiichi Pharmaceutical Co., Ltd. and Sankyo Co., Ltd.

The outlook of both companies remains stable.

Moody's said the affirmation follows the establishment of Daiichi Sankyo Co. Ltd., a joint holding company to wholly own the two companies. The domestic prescription pharmaceutical operations of the two will subsequently be integrated and transferred to the holding company by April 2007.

Moody's added it does not expect the credit quality of the two entities to be substantially affected by the integration. However, the steps and details of integration process, including how the domestic pharmaceutical operations will be transferred from the rated entities to the holding company, have not yet been disclosed.

In Moody's view, the integration could improve the market position and competitiveness of Daiichi and Sankyo as a combined entity, especially in the domestic market.

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